5 minute read
The Last Word
Hang in tHere, guys!
In these difficult times it is extremely challenging to start a new biotechnology enterprise. Money is scarce and financing is very difficult to find. Investors are shielding companies in which they have already invested and are reluctant to invest in new ventures. Focus is the name of the game with small and medium size companies not even considering filling up their pipelines. Interesting projects are being killed for lack of money. We feel that, as a community, we are creating a new problem: there will be soon no pipeline with which to work. However, there is light at the end of the tunnel. Hopefully, it is not a train!
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The Québec government has recently launched a new R&D and innovation strategy (Stratégie québécoise de la recherche et de l’innovation- SQRI), investing $2 billion over three years and has created Teralys Capital, a venture fund of funds. Teralys has over $700 million in capital commitments. It is currently the largest fund in Canada. Unfortunately, not a single penny has been invested in Life Sciences so far (La Presse, August 26, 2010) because “no one has asked for it” confirmed Bernier, Teralys’ president. As we say in French “Ben voyons donc !”. No-one? Really? Can I apply? Ok! Maybe returns have not been reaching expectations but some recent exits were fairly rewarding (e.g. Virochem was sold more than $500 million). We are convinced that there are a lot of fine biotechs across Canada that are close to generating substantial benefits. Angiochem in Montréal and Asmacure in Québec City appear, for instance, to be very promising.
Meanwhile, may we present a few suggestions?
foLLow The 6 PrinciPLes of sUccess:
Passion, Pleasure, Professionalism, Perseverance, Performance and, of course, Partnership.
A partnership is an arrangement where entities and/or individuals agree to cooperate to advance their interest.1
1. Passion: Keep the passion burning for what you are doing. 2. Pleasure: Enjoy what you are doing. Sing along: “Hi Ho! Hi Ho! Off to work we go.” 3. Professionalism: Stay professional with employees, colleagues and business relations. 4. Perseverance: Try and try again. Do not quit. Getting an initial ‘no’ never killed anyone. 5. Performance: Always ensure that your project is the best one around. 6. Partnership: Leverage your partnerships.
Look around. There are a lot of potential partners to assist you. Many government agencies are willing to take risks at the outset.
The ministère de développement économique, de l’innovation et de l’exportation du Québec (MDEIE) has launched a program to help support technology value generation and transfer (PSVT) through universities and research centres. This could help to mature your technology and move it towards spin-off.
The Québec Consortium for Drug Discovery (CQDM) initiative, discussed elsewhere in this issue, is also an interesting possibility for those working on technology platforms.
The MDEIE SQRI has announced that it will also support new strategic initiatives in the Life Sciences sector. So hurry up and check it out.
The National Research Council Industrial Research Assistance Program (NRC-IRAP) is also a good start. Meet your local IRAP Industrial Technology Advisor (ITA) and talk about your project, whether it is a start-up or simply a new research project. These ITAs are experienced people who have developed considerable networks in many fields over the years. In Québec, the Réseau Conseil en Technologies et en Innovation (RCTi) is supported by NRC-IRAP and Economic Development of Canada (EDC-DEC) and provides invaluable advice. If they do not know it themselves, they know someone who does.
Recently NSERC has launched the Research Partnerships Program (RPP) that fosters collaborations between university researchers, colleges and industry, in order to develop new knowledge and expertise, and to transfer this knowledge and expertise to Canadian-based organizations. An excellent way to leverage your research dollars is to take advantage of university and college specialists. NSERC has offices in Moncton, Montréal, Toronto, Winnipeg and Vancouver to help to deliver this program. For more information please call you local NSERC office or visit the NSEC website (http://www.nserc-crsng. gc.ca). The Business Development Bank of Canada (BDC), besides venture capital, has a possibility of subordinate financing for acquisitions, shareholder buyouts, working capital and intangible assets. Legal, accounting, and many other advisors have development strategies designed to help “entrepreneurs en herbe.”
As you can see, these are only a few pointers. There are a lot of possibilities out there: Just hang in there. The rain will eventually stop.
References:
1. “Become a Partner or sponsor,” http:// www.uberstudent.org/mod/resource/ view.php?id=27
Pierre Bourassa, B.Sc. MBA is a former entrepreneur who has worked more than 10 years with the NRC-IRAP program. He is currently under secondment to the NSERC, managing the Québec Montréal office. You can reach him at pierre.bourassa@nserc-crsng.gc.ca
John Lawson, DBA, MBA, BPharm is a business consultant with Tri:M-V Inc., a member of the BioStrategis consortium. He often assists innovative companies during their early stages of development. He can be contacted on john@ biostrategis.com.
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